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Notes to Accounts of Fusion Fittings (I) Ltd.

Mar 31, 2015

1. BACKGROUND

Fusion Fittings (I) Limited was initially engaged in the business of all types of sanitary fittings for household and industrial purposes, trading & dealing in mechanical instruments, machines & machine parts and design engineer- ing. However, presently the Company is engaged in the business of design engineering and trading in future and options.

2. CONTINGENT LIABILITIES NOT PROVIDED FOR

As at As at

31 March 2015 31 March 2014

Guarantees issued by the company on behalf of other corporate 56,660,600,000 56,660,600,000

3. Based on the information available with the company, it did not owe any sum to any party identified as supplier within the meaning of Micro, Small and Medium Enterprises Development Act, 2006

4. SEGMENT REPORTING

In accordance with the paragraph 27 of AS-17, Segment whose total revenue/proft from external sales and inter segment sales is 10% or more of the total revenue / profit of all segments, external and internal should be identified as reportable segments. Therefore segment (A.) Design engineering services and (B.) Trading in futures and options are reportable segment.

i) Segment assets include net block, current assets and loans & advances.

ii) Revenue and expenses have been identified to segment on basis of their relationship to the operating activities of the segment. Revenue and expenses which relate to the enterprise a whole and are not allocable to segment on a reasonable basis, have been included under "Unallocated expenses"

A. All operations of the company and customers are located in India therefore geographical segment disclosure is not required.

5. RELATED PARTY DISCLOSURE:

a. Related party and nature of relationship where control exists.

Year ended Year ended 31 March 2015 31 March 2014 Subsidiary HIQ Power Associates Private Ltd

Individuals owing directly or indirectly, an interest in vot- Amul Gabrani Amul Gabrani

ing power and significant influence over the enterprise Amita Bishnoi Amita Bishnoi (including relatives of such individual)

Enterprises over which such individuals exercise sig- Tecpro Systems Tecpro Systems nifcant influence Limited Limited

Hythro Power Hythro Power

Corporation Corporation Limited Limited

Related Party and nature of the related party relationship with whom transactions have taken place during the year

Enterprises over which Individuals Tecpro Systems Limited owing directly or indirectly, an interest Hythro Power Corporation in voting power and significant Limited influence over the company, exercise significant influence

Tecpro Systems Limited Hythro Power Corporation Limited

6. During the year the Company entered into a share purchase agreement ("the Agreement") for sale of its entire shareholding in HIQ Power Associates Private Limited, its subsidiary ("HIQ")

The salient features of the agreement are as follows:

(a) The effective date of agreement was 4th day of September 2014.

(b) The buyers of shares were Mr Ramesh Boothra and his friends & relatives("the Buyers").

(c) The company sold its entire holding of 34,000 equity shares in HIQ Rs.10 each at a price of Rs.337.50 per share.

(d) The total consideration was Rs.1,14,75,000.

(e) The Company incurred loss of Rs.3,35,52,230 on the entire transaction of sale of investment in HIQ which was charged to The statement of Profit and Loss.

(f) Subsequently, on September 5, 2014, the Company and HIQ entered into an agreement for assignment of debtors wherein HIQ assigned debtors pertaining to a few parties aggregating to Rs.76 lakhs in favour of the Company.

(g) The assignment amount of Rs. 76 Lakh was directly paid by the Buyers to HIQ and the consideration was reduced by the same amount.

(h) Accordingly the entries have been passed in the books of accounts.

7. Figures have been rounded off to the nearest rupee.

8. Previous year figures in balance sheet have been regrouped / recast wherever necessary to conform to the current year's classifcation/presentation.


Mar 31, 2014

Note 1 Background

Fusion Fittings (I) Limited was initially engaged in the business of all types of sanitary fittings for household and industrial purposes, trading & dealing in mechanical instruments, machines & machine parts and design engineering. However, presently the Company is engaged in the business of design engineering and trading in future and options.

1. Contingent Liabilities not provided for As at As at 31 March 2014 31 March 2013

Guarantees issued by the company on behalf of other corporate 56,660,600,000 21,665,800,000

2. Based on the information available with the company, it did not owe any sum to any party identified as supplier within the meaning of Micro, Small and Medium Enterprises Development Act, 2006.

3. Segment Reporting

In accordance with the paragraph 27 of AS-17, Segment whose total revenue/profit from external sales and inter segment sales is 10% or more of the total revenue / profit of all segments, external and internal should be identified as reportable segments. Therefore segment (A.) Design engineering services and (B.) Trading in futures and options are reportable segment. i) Segment assets include net block, current assets and loans & advances.

ii) Revenue and expenses have been identified to segment on basis of their relationship to the operating activities of the segment. Revenue and expenses which relate to the enterprise a whole and are not allocable to segment on a reasonable basis, have been included under "Unallocated expenses"

A. All operations of the company and customers are located in India therefore geographical segment disclosure is not required.

4. Figures have been rounded off to the nearest rupee.

5. Previous year figures have been regrouped / recast wherever necessary to conform to the current year''s classification/presentation.


Mar 31, 2013

Note 1 Background

Fusion Fittings (I) Limited was initially engaged in the business of all types of sanitary fttings for household and industrial purposes, trading & dealing in mechanical instruments, machines & machine parts and design engineering. However, presently the Company is engaged in the business of design engineering and trading in future and options.

2. Contingent Liabilities not provided for As at As at 31 march 2013 31 march 2012

Guarantees issued by the company on behalf of other body corporate 21,665,800,000 21,665,800,000

3. Based on the information available with the company, it did not owe any sum to any party identifed as supplier within the meaning of Micro, Small and Medium Enterprises Development Act, 2006

4. segment Reporting

In current Financial year 2012-13, the Company does not have any reportable segment but in fnancial year 2011-12 company had only one reportable segment namely Design engineering services. Therefore, disclosures for primary segment and secondary segment as required under Accounting Standard 17 "Segment Reporting" have not been given.


Mar 31, 2011

1. contingent Liabilities not provided for

As at As at 31 March 2011 31 March 2010

Guarantees issued by the company on behalf of other corporate 5,600,000,000 5,600,000,000

2. As resolved the assumption of going concern for foreseeable future as per satisfactory financial result as on 31.3.2011 and operational activities in the next year, the accounts have been prepared on a 'going concern basis'.

3. The mandatory reference made to the Board of Industrial and Financial Reconstruction under section 15 of the Sick Industrial companies (Special Provisions) Act, 1985 in February 2005 had been rejected. The company had fled an appeal with A.A.I.F.R. in September 2006, which is pending as at 31 March 2011.

4. The company has changed the method of valuation of inventories from "cost on first in first out basis" to "Lower of cost and realisable value on first in first out basis" . consequently inventories and profit for the year have not been effected.

5. Based on the information available with the company, it did not owe any sum to any party identified as supplier within the meaning of Micro, Small and Medium Enterprises Development Act, 2006

6. Segment Reporting

In accordance with the paragraph 27 of AS-17, Segment whose total revenue/profit from external sales and inter segment sales is 10% or more of the total revenue / profit of all segments, external and internal should be identified as reportable segments. Therefore segment (A.) Design engineering services and (B.) Trading in future option are reportable segment.

A. Business Segment (Primary)

i) Unallocated liabilities include tax provision.

ii) Segment assets include net block, current assets and loans & advances.

iii) Revenue and expenses have been identified to segment on basis of their relationship to the operating activities of the segment. Revenue and expenses which relate to the enterprise a whole and are not allocable to segment on a reasonable basis, have been included under "Unallocated expenses"

B. All operations of the company and customer are located in India therefore geographical segment disclosure is not required.

7. Related Party Disclosure:

a. Related party and nature of relationship where control exists. Year ended Year ended 31 March 2011 31 March 2010

Subsidiary - Tecpro Ashtech Limited (up to 30th March 2010)

Key management personnel Mukesh Kumar Mukesh Kumar

Individuals owing directly or indirectly, an Amul Gabrani Amul Gabrani interest in voting power and significant Amita Bishnoi Amita Bishnoi influence over the enterprise (including relatives of such individual)

Enterprises over which such individuals Tecpro Systems Tecpro Systems Limited excise significant Limited influence Hythro Power Hythro Power Corporation Corporation Limited Limited

(All amounts are in Rupees) Related Party and nature of the related party relationship with whom transactions have taken place during the year

Key management personnel Mukesh Kumar Mukesh Kumar

Enterprises over which Individuals owing Tecpro Systems Tecpro Systems Limited directly or indirectly, Limited an interest in voting Hythro Power Hythro Power Corporation Corporation ipower and significant influence over the Limited Limited company, exercise significant influence

8. Expenses amounting to Rs. Nil relating to earlier years (Previous year Rs.0.60 Lacs) have been accounted for under their respective heads.

9. Figures have been rounded of to the nearest rupee.

10. Schedules 1 to 14 are annexed to and form part of the Statements of Accounts.


Mar 31, 2010

1. Based on the information available with the company, it did not owe any sum to any party identified as supplier within the meaning of Micro, Small and Medium Enterprises Development Act, 2006.

2. The company is engaged in the business of design engineering services. This is the only activity performed and is thus also the dominant source of risk & returns. Accordingly business segment is the primary segment. Further as the company does not operate in more then one business segment and geographical segment, disclosures for primary segment and secondary segment as required under Accounting Standard 17 "Segment Reporting" have not been given.

3. Expenses amounting to Rs.0.60 lac relating to earlier years (Previous year 1.01 Lacs) have been accounted for under their respective heads.

4. Figures have been rounded off to the nearest rupee.

5. Previous year figures have been rearranged or regrouped wherever necessary to conform to those of current year.

 
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